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Treasury China Trust Annual Report 2010 44

REPORT OF THE TRUSTEE-MANAGER

OF TREASURY CHINA TRUST

The directors of Treasury Holdings Real Estate Pte. Ltd (“Trustee-Manager”), the Trustee-Manager of Treasury China Trust (the “Trust”) and its subsidiaries (together referred to as the “Group”), are pleased to submit this annual report to the Unitholders of the Trust, together with the audited financial statements for the financial period from 19 May 2010 (date of constitution) to 31 December 2010.

Directors

The directors of the Trustee-Manager in office at the date of this report are as follows:

Richard Joseph Barrett (Chairman and Non-Executive Director)

Stuart Hamilton Leckie (Vice Chairman and Independent Non-Executive Director) Richard Anthony David (Executive Director and Chief Executive Officer) Raymond Yeoman Frederick Horney (Non-Executive Director)

Jen Shek Voon (Independent Non-Executive Director) Wong Fong Fui (Independent Non-Executive Director) Rory John Williams (Non-Executive Director)

Principal activities of the Trust

The principal activity of the Trust is to own, invest in and proactively manage income-producing real estate used primarily for office, retail, industrial/logistics purposes as well as hotels and serviced apartments located in the People’s Republic of China, the Hong Kong Special Administrative Region and the Macau Special Administrative Region, and real estate-related assets in relation to the foregoing. The Trust may acquire, hold or develop land, under-performing assets or uncompleted developments to be used as commercial real estate located in Greater China, with the objective of providing proactive management solutions to deliver maximum value that results in either the holding of the properties upon completion or the disposal of the properties on a strategic basis to deliver strong distributable income growth.

Directors’ interests

According to the register kept by the Trustee-Manager for the purposes of Section 76 of the Singapore Business Trusts Act, Chapter 31A (the “Act”), particulars of interests of directors who held office at the end of the financial period in units of the Trust are as follows:

Direct Interest in Units Deemed Interest in Units As at 19 May 2010

As at 31 December 2010

As at 19 May 2010

As at 31 December 2010

Richard Barrett 14,328,775 15,649,720 30,448,815 29,127,870 Stuart Leckie – – 400,000 500,000 Richard David – – 150,000 210,000 Raymond Horney – – 10,375,000 10,392,500 Jen Shek Voon – – – 55,000 Rory Williams 400,000 400,000 475,000 475,000

Neither at the end of, nor at any time during the financial period, was the Trustee-Manager a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Trustee-Manager to acquire benefits by means of the acquisition of units in or debentures of the Trust.

During the financial period, no director has received or become entitled to receive a benefit by reason of a contract made by the Trust or a related corporation with the director, or with a firm of which he is a member or with a Trust in which he has a substantial financial interest, except as disclosed in the financial statements and in the corporate governance statement.

Directors’ interests in contracts

During the financial period, no director received or was entitled to receive a benefit in the Trust by reason of a contract made by the Trustee-Manager, on behalf of the Trust or related corporation, with the director, or with a company of which such director was a member or had a substantial financial interest.